Top Jurisdictions To Store Gold And Silver
As we have discussed, there are many criteria to consider when deciding where to store Gold and Silver, and other precious metals, in addition to diamonds, jewellery, fine art, and any other valuables. J. Rotbart & Co. recommends this list of the top jurisdictions to store precious metals worldwide.
Know The Difference Between Bars And Coins
While all forms of pure gold have significant monetary value, not all investment-quality gold is equal. From an investment perspective, investors wanting to add the physical product that tracks the price of gold may wish to avoid gold coins. These coins often feature attractive designs, have historic value, and contain a lower quantity of gold, but still, cost more due to their numismatic value.
In addition to costing more, gold coins sometimes skew the value of an investors portfolio. For example, the highly regarded American Eagle coin produced by the U.S. Mint contains 91.67% gold but costs more than plain gold bars because of its value as a collectors piece. Some investors may want collector’s items, while others may want plain gold bars, which typically are the easiest to hold long term and convert to cash.
Where To Buy Gold Bars
Tip: Buy your gold bars from a reputable dealer onlyone with plenty of positive customer ratings, a buyback policy, and no pushy sales people.
Perhaps the most important thing you can do is buy your gold bars from a reputable dealer. A trustworthy dealer can provide sound education, help you avoid pitfalls, and steer you toward the best products for your needs.
How do you know if youre dealing with a reputable bullion seller? Look for these things
If youre new, I suggest you compare three dealers. Be sure to compare total costcommission, credit card or bank wire fees, and shipping and insurance. And consider that cost isnt the only factor when buying gold bars: ease of ordering, delivery promptness, customer service, and buyback policies are all important to consider in where you shop.
One effective method for first-timers is to buy from two different dealers, so you can compare service, delivery, and cost. It also provides you with two vetted sources for future purchases.
Gold bars are one of mankinds most definitive forms of moneytheyre a tangible asset, are highly liquid, and will protect your portfolio from financial crises. Owning gold bullion at this point in history is a wise move.
Recommended Reading: Is The Delta Platinum Card Metal
Bullion In Living Wills
An important final point for anyone with dependents.
Father time can come at any time, no one is guaranteed another day. Morbid as it sounds, accidents do happen.
Make sure your most trusted loved one have an ability to locate hidden bullion holdings in case the worst were to ever happen. Itemizing bullion holdings in a last will and testament is a common practice that can be sealed and only opened in the case of sudden death for instance.
Enjoy your life and your loved ones each and every day.
And of course, plan accordingly.
Bank Safe Deposit Boxes For Bullion
Bank Safe Deposit Box
There are many well-intentioned bullion buyers who choose to take delivery of their bullion and then go right out and rent a safe deposit box at their local banking institution for storage. The issues with this choice are wide-ranging.
First, bank safe deposit boxes are not FDIC insured. They are often limited in size and not cost effective for bulk silver bullion storage. If stored items are somehow stolen either by bank employees or potential thieves, the bank would likely need a separate insurance policy to hopefully make you whole.
Bank safe deposit boxes are also subject to freezes and seizures resulting from tax debts, penalties, court orders, and failure to pay or adhere to the bank safe deposit agreement itself. Lastly, banks are also susceptible to financial system failures or potential bank holidays where you may not have access to your holdings when you might need or want them most.
On the contrary, there are some arguments which do make sense for having some bullion in a safe deposit box so long as perhaps a third party private bank safe deposit insurance policy is procured. Given the close proximity most banks are to their bank safe deposit holders, and the security most banks have, there is a case for potentially having some bullion hidden away in a bank safe deposit box so long as one understands the potential drawbacks of such a choice .
You May Like: 1 Brick Of Gold
Disadvantages Of Storing In A Safe Deposit Box
- Limited access: bank hours are limited, as is your opportunity to get to it.
Heres an example of how that can impact access to your precious metals:
A huge price move happens on a Friday afternoon, and you want to sell your gold for profit. If you cant get out of work before your bank closes, youll have to wait until your bank opens on Monday morning to get your gold out and bring it to a dealer. That all takes time, and the opportunity to sell may be gone by then.
- Risk of bankruptcy: weve learned from the 2008 crisis that even major banks are not protected against bankruptcy. And if your bank shuts down, so does your direct access to your precious metals.
- Expensive insurance: banks usually dont insure the contents of safe deposit boxes. If you want to feel really comfortable and secure, you will have to buy separate insurance, which can be quite costly.
To avoid all these issues, you might want to consider the third way of storing your precious metals: a secure vault.
Why You Should Buy Gold And Silver
They are a tried-and-tested way to accumulate and protect your wealth.
Investing in gold is a great idea because it offers several benefits that paper money cannot:
- Hedge against inflation
- Value determined by the free market
That last point is especially important: the price of gold isnt controlled by the Federal Reserve or central banks.
The free market has all the power.
We dont believe that the US dollar will become tomorrows toilet paper.
Despite its many drawbacks, the US economy is doing much better than most of the West. And the US dollar is still the cleanest shirt in the dirty laundry that is fiat money.
But we do believe its smart to use gold and silver to protect yourself from a radical decline of the purchasing power of fiat currency.
It pays to protect yourself.
It pays to have a hedge against the government and their cash printing presses.
Theres plenty more to say on the subject of buying gold and why its such a strong investment option.
But if youre already sold on the benefits of investing in these hard assets and are ready to purchase gold, one question remains:
Where on earth do you put it?
Also Check: Golden State Grant Program For Ssi Recipients
Things To Consider Before Buying Gold
If youre searching for ways to protect your wealth or diversify your investment portfolio, gold may be a practical solution. However, please be aware that just like any other type of investment, buying gold comes with certain risks.
Do your research to make sure you understand the risks involved in buying gold, including the costs of storage and security as well as the fact that the returns may not match those provided by other investments. This will help you make an informed decision about whether buying gold is the right choice for you.
Leave It To The Pros: Professionally Vaulted Gold
For the utmost in safety, many seasoned investors prefer to store their gold in professional, high-security vaults. These are known as third-party storage firms, or depositories, and affords owners a true peace of mind regarding the short or long-term storage of their personal gold investments.
This type of storage is practical for those who own high quantities of gold that are not easily stored in home safes or in a banks safe deposit box.
With professionally vaulted gold, the providers usually cover the precious metals purchase and sale, as well as any transportation logistics and necessary insurance coverage. Its also convenient, as most depositories can accept gold deliveries any time of day or night, via armored truck or other methods.
When selecting this type of gold storage, owners should do their homework and ask a number of appropriate questions. For example, its important to confirm that the bullion will be stored in a private account, and the owners have on-going, continued access via phone or website to their gold. A good example is the Texas Bullion Depository.
A major benefit of this type of storage is access to liquid funds, as owners can usually have their gold liquidated quickly and transferred to their bank account when needed. Depending on the depository and value of the gold, the usual fees for this kind of storage can range from approximately one-third of one-percent to one and a quarter percent of the estimated value.
You May Like: Gold Brick Weight In Pounds
How To Store Silver Coins And Bars At Home
As an investor, if you dont want to lose your investment and you would want to maximize your investment in silver coins and silver bars, then you should look for all available means to ensure that you put the right structure in place that will help you safeguard your investment especially if your business is such that you take possession of what you bought unlike buying stocks et al.
It is one thing to purchase silver coins and bars, it is entirely a different kettle of fish to know how to store and safeguard your coins and bars. If you are interested in investing in silver coins and silver bars, you have two options on how to store them.
One of the options is to give it to the bank to help you store them this option usually attracts services charges and another option is to store and safeguard it yourself. The option of storing and safeguarding precious metals like gold, silver, bronze and diamond et al at home is common amongst Indians and people in the Middle East, but in recent time, people in the Western world have adopted this style of storing and safeguarding precious metals.
So if you have acquired silver coins and bars and you are thinking of storing them at home, then you are likely going to find the following tips very useful
Advantages Of Storing In A Secure Vault
- Easy to resell: you can easily resell your precious metals 24/7 and have the proceeds wired the same day to your bank account anywhere in the world.
- Fully secure and covered with insurance: you will benefit from secure, specialized bullion vaults that are fully insured and subject to regular, independent third-party audits.
- Delivery at any time: your precious metals can be delivered or shipped to you overnight or in a few days, depending on where you are in the world.
However, keep in mind that some online gold stores might charge you extra fees on resale and have pricey storage offers that dont include insurance. At GOLD AVENUE, you can get free, insured storage, and instant resale with 0% commission.
Also Check: How Much For A Brick Of Gold
Buy Gold Bars For Less
Before you make a purchase, read about our payment methods for buying gold. You can pay less for gold any day of the year by paying with a wire transfer, Interac e-Transfer, Bill Payment, Cheque, or Money Order. You can even buy gold bars with Bitcoin and other alt-coins. Its simple to buy gold online and easy to save.
Set Your Spot Alert
Creating Your Offshore Gold Storage Strategy
If youre ready to invest $50,000 or more, its worth having a private vault company with a full-service offering:
- A private account manager
- Better pricing
- Lower storage fees
When youre storing even more substantial amounts , youll probably want to set up a portfolio of vaults.
As we mentioned already, diversification is key to a successful investment portfolio.
Even though having your gold in two or three vaults wont be as convenient as having it all in one place, it boosts your privacy and asset security a worthwhile sacrifice.
The one thing you must be absolutely sure to do is to keep your gold out of banks. Any and all kinds of banks.
Sure, they can protect your gold against weather and theft, but they also leave your assets open to bank-based and government-based control.
Plus, youd have to report all of your hard assets held in a bank, even in a safety deposit box, to the IRS.
In some countries, it is even illegal to store your hard assets in a bank. In other places, it is against bank policies.
Thus, a third party, non-government, non-banking institution is a more secure place to store gold.
Its as simple as that.
Ultimately, where you store your gold comes down to going where youre treated best.
Its a bullet-proof concept that we return to time and again here at Nomad Capitalist.
Go where your business is treated best. Go where your assets, privacy, and peace of mind are valued.
For now, it looks like the best place to find all this is in the East.
Don’t Miss: Eiffel Tower Ring Kay Jewelers
Protect Your Financial Future With Oxford Gold Group
Oxford Gold Group is an industry leader in precious metals. So, whether you need help converting your IRA or 401 into precious metals or investment advice, you can count on our professional team to lead your way.
Oxford Gold Group welcomes everyone, including first-time gold investors, seasoned buyers, and collectors. Our goal is to provide each client with comprehensive details to make a well-informed decision regarding their financial future. We are here to answer all of your questions and address your concerns.
Contact us today at to discuss which gold depository is suitable for your precious metal investment. We guide you every step of the way to make investing and storing as easy and stress-free as possible.
How To Store Gold And Silver Bullion
When investing in Gold and Silver bullion in Canada, its important to have a stable storage plan. There are only about three primary ways to store Gold and Silver Bullion keep it at home, use a banks safe deposit box, or pay a third-party storage firm.
Storing Gold Bullion at home is an older method but involves a larger risk. As the average home does not have the same physical security as a typical bank space or storage firm would have.
A banks safe deposit box is traditionally used to keep valuable assets. This is because the boxes are safely kept and it is nearly impossible for anyone to open it but the box owner. Banks also offer the benefit of human security.
A third-party storage firm is an establishment to which the consumer pays to keep their assets in a safe place. Some individuals do not trust banks and simply lean towards other sources of safety. When choosing your third party storage firm it is important to consider their level of security, ownership, accessibility and protection.
Can one keep Gold and Silver Bullion together?
Keeping your Gold and Silver together is the easiest way to tarnish and damage your precious metals. Storing Gold and Silver Bullion is in the right environment away from damp and other corrosives is crucial towards having a better future resale value. If the metals are damaged, it may affect your return on investment.
Read Also: Classic Wow Banned For Buying Gold
Important Consideration For Home Storage:
probably no surprise, but many investment experts believe that if you choose to store gold, silver or anything of significant value inside your home, then you should always buy your safe with cash and learn how to install it yourself. Consider the big picture, and limit who all knows about its existence at your residence.
Also, if you’re storing gold in your home, there is another layer of security to consider… your own family. If you live with a spouse, children or relatives, you may wish to share information about the safes location or contents. Again, consider the big picture and think carefully about who needs to know about the location of your investment.
Is Gold A Good Investment
If youre looking to strike it rich with a modern-day gold rush, youre probably in the wrong place. Over the past five years, golds price increased by approximately 36% while the S& P 500 increased by 104% during that same period. So why all the hype?
That said, gold prices can be very volatile, meaning gold isnt an entirely safe investment. In fact, you can easily craft a well-diversified investment portfolio without gold entirely.
But if you want some of that golden gleam in your investment account, aim for it to occupy only a small percentage of your investing dollars.
Read Also: Gold’s Gym Cancellation Request Form
How To Keep Your Gold And Silver Bullion Investments Safe And Secure
Ive bought these awesome coins and bars, but now I need to make sure theyre safe and secure. What do I do? We hear this concern on a regular basis.
The storage dilemma is one of the most common arguments critics of precious metals investing use to dissuade people from buying gold and silver bullion. With a share of stock, or some other financial instrument, you dont have to worry about storing it, they say.
Were here to tell you that figuring out where to safely store your bullion shouldnt discourage you from investing. However, it is important to understand the different storage options available to you, as well as the pros and cons of each.
Theres no perfect solution, but as the financial meltdown of 2008 and similar crashes have shown, theres really no perfect investment either. Ultimately, you must evaluate your personal circumstances to determine which storage option is best for you.
Continue reading to learn three of the most popular and common options for storing your gold bullion, silver coins, and other valuable investments.
If youre looking for information on how to safely handle and care for your coins, check out our related article on 6 Rules for Properly Handling Your Precious Metal Coins